Crypto payment acceptance has officially gone mainstream. In 2024, stablecoins processed 7.68% more transaction volume than Visa and Mastercard combined.
According to Forvis Mazars, global stablecoin transfers reached $27.6 trillion last year, a shift that signals the move from early adoption to full-blown global integration. This trend is no longer speculative. It is happening in real-time, across markets from South Africa to South Asia.
Additional data from a recent report by CEX.IO reinforces the trend, highlighting how regulatory clarity, faster networks and stablecoin utility are accelerating real-world crypto adoption in emerging markets.
In response, traditional payments giants are scrambling to keep up. Mastercard is partnering with MoonPay to roll out crypto payments to 150 million merchants, following earlier deals with OKX, Nuvei and Circle. Visa is piloting stablecoin services in six Latin American countries. These aren’t experiments anymore. They are competitive plays to stay relevant.
Retailers want faster payments and lower fees
For retailers, the attraction is clear. Blockchain-based payments can offer faster clearance, lower fees and real-time liquidity. According to Wiehann Olivier, FinTech and Digital Assets Lead at Forvis Mazars, “the economies of scale achieved on side chains or second-layer applications help reduce fees while improving transaction speed.”
That means faster cash flow. Instead of waiting a day or more for a credit card transaction to settle, retailers using networks like Bitcoin Lightning can get near-instant clearance.
Lower fees are also a major draw. Credit card merchant fees typically sit at 2 percent or higher. Crypto can cut those down significantly. That margin improvement matters, especially in tight retail environments.
South Africa is quietly becoming a crypto payment leader
South Africa has emerged as a retail crypto hotspot. Pick n Pay now accepts Bitcoin across 2,200 stores, thanks to its partnership with MoneyBadger. A major local exchange recently integrated with Zapper, giving users a simple way to pay in crypto at participating merchants.
According to MoneyBadger’s internal data, 12 percent of South Africans own cryptocurrency. That ranks South Africa 14th globally for crypto payment acceptance. And more importantly, regulation is not holding things back.
The Financial Sector Conduct Authority (FSCA) formally recognised crypto assets as a financial product under the FAIS Act in October 2022. That legal clarity gives businesses confidence to integrate blockchain payments into point-of-sale systems and ERPs.
Adoption is soaring in the Global South
While headlines often focus on the US and EU, crypto adoption is booming elsewhere. Chainalysis’s 2024 Global Crypto Adoption Index shows that Central and Southern Asia and Oceania are leading the world. Seven of the top 20 countries are in that region.
In Sub-Saharan Africa, decentralised finance (DeFi) usage is accelerating. South Africa, in particular, is seeing fast growth in stablecoin-based retail payments.
Global brands are taking note. BitPay enables crypto payments for companies like Microsoft, Burger King, adidas, AT&T and PayPal. That is not niche anymore. It is infrastructure.
Consumers are still holding, not spending
There is one catch. While infrastructure and acceptance are growing, usage still lags. Most consumers see crypto as a speculative asset rather than a currency.
South African Revenue Service data shows 5.8 million citizens own crypto. By the end of 2024, that number is projected to reach 6.05 million, with roughly R7.1 billion in unspent crypto assets.
That means people are holding, not spending.
Retailers may be ready, but mass adoption won’t happen until more users feel confident paying in crypto for everyday goods and services. The shift from investment mindset to usage mindset will be critical.
The tools for mass adoption are here
There are still technical hurdles, including integration with legacy ERP systems and volatility risk. But solutions exist. Crypto payments can be instantly converted to fiat. Hedging services are available. And regulatory guardrails are now in place.
As crypto payment acceptance continues to grow, the next phase will depend on whether merchants go all in. If more big-name retailers adopt blockchain-based payments, the network effect will follow.
Crypto payments are no longer an experiment. They are the new competition.